Posts tagged as: Hong Kong

Small steps on a long journey

22nd July 2016

Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different.

DKYC – Don’t Know Your Customer

15th June 2016

One of the enduring mysteries of IPOs remains the all-elusive institutional investor allocation process. I once heard a hedge fund manager describe it as the method through which you can receive as many shares as you want, in deals that are sure to tank in the aftermarket, and, conversely, as few as possible, in hot, oversubscribed transactions that outperform after the start of trading.

From the Kingdom to the Middle Kingdom

12th May 2016

As the US$100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. I look at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

Pay for play in the PRC

13th April 2016

Having left investment banking a while ago, I’m baffled by the increasingly arcane and complex rules that now plague the business — the Chinese Mainland being a particular case in point.

Take that to the bank

24th March 2016

Another week, another financial sector IPO in Hong Kong. So far this year, three such listings have come to market in the city, for a total of more than $2.6bn equivalent. Most notably, these have included IPOs by Bank of Tianjin ($948m) and China Zheshang Bank ($1.7bn), both of which priced their offerings near the bottom end of the indicative price range last week. 

From Russia, with fees

27th January 2016

On January 18, a delegation led by Arkady Dvorkovich, the Deputy Prime Minister of the Russian Federation, visited the Stock Exchange of Hong Kong. It was not the first time a high profile dignitary from Russia had toured its facilities.

North-by-northwest

2nd December 2015

Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia – and even the Philippines. How wrong I was!

Game of thrones in the SAR

4th November 2015

Hong Kong IPO issuance has seen healthy volumes so far this year. At US$68.3 billion, according to Dealogic, new listings on HKEx have already reached the level achieved for the entire year in 2014. The outcome of deals, however, remains heavily dependent on cornerstone investors, while oversized syndicates have sadly been back in full force since at least late spring.

 

 

I have set up this blog to report notable events on international IPOs.

These include particularly remarkable transactions, changes in market practice (whether pertaining to documentation, valuation or marketing techniques) and regulations, as well as appointments in the sphere of equity capital markets (ECM).

Although the blog has a bias towards the Asia-Pacific region, since this is where I am based, it is intended to be global in both its scope and outlook.

Please use the contact form above to report an IPO story or an ECM development.

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